FX.co ★ Elliott wave analysis of EUR/JPY for April 19, 2017

Wave summary:

EUR/JPY has now spiked to resistance at 116.55 indicating that a low is in place at 114.82 and a new rally to above 124.09 should be expected. Short term, we should expect a minor set-back towards 115.70 before the next impulsive rally higher towards 118.25. Above here, it will confirm the low has been seen and confirm a rally back to 122.88 and 124.09 on the way higher.

R3: 117.47

R2: 116.85

R1: 116.61

Pivot: 116.40

S1: 116.24

S2: 115.94

S3: 115.72

Trading recommendation:

We are long EUR from 115.25 with stop placed at 114.75. If you are not long EUR yet, then buy near 115.72 and use the same stop at 114.75.